Page 28 - Honeywell Annual Report 2021 comm 10 09 v17a.cdr

Corporate Governance Report

Honeywell Flour Mills Plc (‘HFMP’) is committed to the best practices and principles of Corporate Governance. The
Company is a member of the Society for Corporate Governance of Nigeria, and has successfully completed the
Corporate Governance Rating System assessment, a joint initiative of the Nigerian Stock Exchange and the Convention
on Business Integrity. Its business is conducted in a fair, honest and transparent manner which conforms to the Codes of
Corporate Governance issued by the Securities and Exchange Commission and the Financial Reporting Council of
Nigeria.

1. Board Composition

The Board consists of a Non-Executive Chairman, four (4) Non-Executive Directors, three (3) Independent Non-
Executive Directors and an Executive Director, who all possess high levels of competence and expertise. They are
seasoned professionals and entrepreneurs with vast business management experience and credible track records.

2. Diversity on the Board
HFMP acknowledges the importance of diversity on its Board of Directors and seeks to maintain a Board which
comprises a diverse mix of skills, race, gender, culture, age, experience and knowledge to serve the strategic needs of
the business. HFMP also acknowledges the fact that appropriate diversity on its Board will substantially improve group
decision making and consequently, improve performance. To this end, the Board has implemented a Board Diversity
Policy. The Board currently has one (1) female Director and a female Company Secretary.

3. Role of the Board

The Board has the responsibility of ensuring that the Company is properly managed and achieves its strategic
objectives with the aim of creating sustainable long-term value for stakeholders.

4. Records of Directors’ Attendance at meetings

The Board of Directors holds periodic meetings to decide policy matters with the aim of directing the affairs of the
Company, reviewing its operations and finances and formulating growth strategy. Board agenda and reports are
provided ahead of meetings.

World of Possibilities HONEYWELL FLOUR MILLS | ANNUAL REPORT | 2021 29